Strategy has performed its first major Bitcoin sale. 

According to a recent form filed with the Securities and Exchange Commission (SEC), Michael Saylor’s firm sold a total of 3,588 BTC for roughly $216 million. 

The proceeds will fund dividend distributions on the company's preferred stock. 

As of today, it continues to hold a staggering 843,775 BTC in its cryptocurrency reserves  and $2.55 billion in its fiat USD reserves. 

Furthermore, the company clarified in its filings that it did not sell any shares under its at-the-market offering program, nor did it purchase any shares under its share repurchase programs. 

The price of Bitcoin (BTC) has slipped below $62,000 following the sale. 

As reported by U.Today, the company disclosed a minor sale of 32 BTC for approximately $2.5 million. 

The small transaction marked a psychological turning point for market observers. 

The company then authorized more than $3 billion in potential Bitcoin-related sales in late June. 

An acclaimed move 

Zach Pandl, a head of research at Galaxy Digital, argued that the Bitcoin sales by Strategy are a critical step needed to restore investor confidence in the company's STRC variable-rate preferred stock and its overall capital structure. 

“I am encouraged to see they executed some sales last week. Further reduces short-term tail risks for Bitcoin. I would expect STRC to continue to trade well,” he said.

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